by on September 18, 2018
Inn this June 6, 2018, photo, Senior White House economic adviser Larry Kudlow speaks during a briefing at the White House in Washington. As the midterm elections draw closer, a variety of Republican leaders, cognizant of broad public support for social-insurance programs like Medicare and Social Security, have said it’s Republicans who are the true champions of the programs – reality be damned. Donald Trump went so far as to argue two weeks ago, “We’re saving Social Security; the Demo...
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by on September 13, 2018
Well before he was elected to the presidency, Donald Trump managed to go bankrupt four times. In each of these bankruptcies he had risked billions of dollars of other people’s money. But while they lost money, he managed to escape unscathed. The first time, when his Atlantic City gambling casino when bankrupt, Trump’s father bought millions of gambling chips and never redeemed them. Who bailed out Trump during his next three bankruptcies? In his op. ed. column in Monday’s New York Time...
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by on July 23, 2018
When it comes to social policy, President Trump embraces conservative politics as usual, continuing a nearly four-decades-long effort to make these policies more restrictive. Earlier this month, the White House Council of Economic Advisers called for more “welfare reform,” which would be accomplished by expanding work requirements for the Supplemental Nutrition Assistance Program (“food stamps”), Medicaid and rental housing assistance programs. Mr. Trump and his conservative allies in Con...
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by on July 4, 2018
Big changes are coming to the South Bronx after Governor Andrew Cuomo unveiled a $10 million plan to improve the neighborhood. Cuomo on Tuesday announced 12 transformational projects as part of the Downtown Revitalization Initiative award, saying the strategic investments will connect the commercial and cultural nodes within the Bronx Civic Center to create a unified downtown that provides a high quality of life for residents and visitors. He said it will also support inclusive e...
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by on June 22, 2018
A study for the U.N. Human Rights Council has concluded 40 million people in the United States live in poverty -- and more than half of those live in "extreme" or "absolute" poverty. The 20-page report by Philip Alston, U.N. special rapporteur on extreme poverty and human rights, says U.S. policies benefit the rich and exacerbate poverty. A woman is seen in a makeshift shelter beneath the Hollywood Freeway in Los Angeles. A United Nations report delivered Friday said more than 40 milli...
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by on June 21, 2018
The U.S. Supreme Court on Thursday expanded presidential control over pivotal jobs in federal agencies, ruling that the way the Securities and Exchange Commission selected its in-house judges to enforce investor-protection laws was improper. The U.S. Supreme Court is seen in Washington, U.S., June 11, 2018. In a 7-2 ruling, the justices overturned a lower court ruling that had endorsed the SEC’s in-house judge hiring practice that operated autonomously from the president. The ruling...
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by on June 13, 2018
Federal Reserve Chair Jerome Powell is presiding over a sea change in US policy. The US Federal Reserve has voted to raise the target for its benchmark interest rate by 0.25%, citing solid economic expansion and job gains. The widely-anticipated decision will lift the target for the central bank's benchmark rate to 1.75%-2%, the highest level since 2008. A majority of Fed officials also forecast two more rate rises this year, one more than previously predicted. The rise is part o...
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by on June 10, 2018
They’re calling on the Government Accountability Office to look into the matter. Sen. Kirsten Gillibrand listens during a news conference on Capitol Hill. Even as the #MeToo movement shines a light on the pervasive problem of sexual harassment, there’s still little known about the economic costs associated with it. How much do workers and companies lose from job turnover, for example? What about the value of ideas that could have been generated if people had stayed in certain indust...
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by on May 30, 2018
Wall Street’s long campaign to chip away at the toughest trading restriction imposed on banks after the financial crisis is finally paying off under President Donald Trump. The Federal Reserve Board, now led by Trump appointees, on Wednesday took the most concrete step yet to roll back the Volcker Rule, which was key to Washington’s efforts to make the industry safer after the 2008 meltdown. Fed governors voted 3-0 to seek comment on proposed changes, kicking off an administrative process...
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by on May 26, 2018
Remember President Trump’s 2019 budget — that big document released in February and then immediately dismissed or ignored? Well, a new analysis released Thursday by the nonpartisan Congressional Budget Office finds that the president’s proposal won’t rein in rising deficits like the White House claims. CBO estimates that, over the 10 years from 2019 to 2028, the Trump budget request would cut the deficit by $2.9 trillion compared to the current baseline. The White House estimated that ...
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by on May 22, 2018
State tax breaks for the luggage designer to move less than a mile Away is a direct-to-consumer luggage company Sometimes companies are awarded financial incentives to relocate to New York from another state or overseas. But Monday a retailer was granted $4 million worth of state tax breaks for moving its headquarters from SoHo to … SoHo. The package was granted to Away, a two-year-old luggage designer co-founded by CEO Steph Korey, a former Warby Parker executive. The firm is headq...
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by on May 19, 2018
New York Governor Andrew Cuomo, center, speaks during a news conference with Senate Democratic Conference Leader Andrea Stewart-Cousins, D-Yonkers, left, and Independent Democratic Conference Leader Sen. Jeff Klein, D-Bronx, right, Wednesday, April 4, 2018, in New York Nearly 40 legislative staff members who worked for the Independent Democratic Conference or its members lost their jobs after the breakaway group rejoined the mainline Democratic Conference, according to an analysis of the ...
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